Blocktrades Ends Trading On Its Exchange And What It Means For Hive
Blocktrades announced they are ending trading on their exchange, Blocktrades.us.
In this video I discuss the implication of this on Hive. Blockchains is one of the core developers and removing the chaos of regulation that comes with running an exchange might be helpful. It does affect Hive users who have to move HIVE or HBD to fiat. It was a popular site.
We delve into what the future is along with where we need to concentrate our efforts. This is showing us the path and part of the evolutionary process.
▶️ 3Speak
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I haven't used BlockTrades in a long time. There are other ways to get in and out of Hive. My favorite is Simpleswap.io or really just Tribaldex
Is simpleswap usable without registration/KYC for Americans?
Yeah I use it all the time
Well tribaldex doesnt really get you into tokens that are on exchanges.
The key is to get into fiat. That is what I think most used BT for....it was a way to get from Hive to something like LTC or ETH.
Posted Using LeoFinance Alpha
Not true at all!
You can absolutely get to LTC, BTC, MATIC, ETH and even DOGE. I do it all the time for way cheaper of an exchange fee than Blocktrades.
Actually I just swapped SWAP.HIVE to SWAP.MATIC and then out to my Polygon wallet. Easy peasy!
Swap MATIC to USDC for stupid cheap gas then out to either Coinbase or Robinhood to sell for dollars. That way it gets swapped to fiat at a one to one with the dollar so no CAP Gains taxes…
USDC or Tether on Coinbase is swapped without fee to USD. There is a fee when sent in from the outside but was nominal.
Does Polygon go into Coinbase?
Posted Using LeoFinance Alpha
Yep! You can send MATIC or Polygon based USDC. The gas fees on Polygon are cheap. I have been using it as my main EVM chain for a while now. That’s where my new NFT collection is dropping on Opensea.
https://wallstreetzoo.art
I haven't been following for a very long time. What could be d reason?
They wrote about the reasons in this blog post.
Thanks 😊
It sucks, but apparently there are other ways…
This is an idealists paradise. Great video.
Oh, this is big news. Thanks for sharing.
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Blocktrades.us leaving is a blow to HIVE... I feel stupid for having supported them for so long so they could just abandon ship...
Well they arent leaving. There is a difference between leaving and closing up shop.
Posted Using LeoFinance Alpha
I only used the service a couple of times but sad to see it shutting down. I wonder if anything will come to take its place.
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I have stopped to use this service for a while because the fees were high I believe, cannot remember exactly. At least in the short term, you can swap Hive in SimpleSwap and Stealthex.
Summary:
Task discusses the recent announcement of the closure of BlockTrades, an exchange run by Dan and his partner, citing financial losses and lack of passion as reasons. Task highlights Dan's intention to focus on software development and mentions potential plans for HOT. He emphasizes the importance of crypto-to-crypto transactions, DeFi, liquidity pools, and staying abreast of regulatory issues. Task criticizes regulators for a lack of understanding of the crypto space and advocates for tying HBD to real-world products and services to promote adoption.
Detailed Article:
Task begins by addressing the closure of BlockTrades, an exchange run by Dan and a partner, emphasizing that it is shutting down due to financial losses and lack of passion. The decision reflects Dan's preference for software development over the business side of running an exchange. He mentions a previous interview with Dan on Cryptomaniacs, where Dan expressed plans for HOT without divulging specifics.
The discussion shifts to the impact of BlockTrades' closure on Hive from a development standpoint. Task speculates that without the distractions of exchange operations, Dan's focus on software development could benefit the blockchain. However, users may face challenges in converting Hive or HBD to other currencies, especially for U.S.-based users affected by regulatory restrictions.
Task highlights the evolving crypto landscape, emphasizing the importance of crypto-to-crypto transactions over fiat conversions. He stresses the need for DeFi, liquidity pools, and decentralized exchanges, suggesting that Bitcoin may be a safer option given regulatory uncertainties. He criticizes regulators like Gensler for applying outdated securities laws to modern crypto technologies.
Moreover, Task underscores the need for entrepreneurs to tie HBD to real-world products and services, citing examples from countries like Venezuela and Cuba. He envisions a future where HBD can be used for everyday purchases, reducing reliance on centralized exchanges. Task encourages entrepreneurial initiatives to build e-commerce platforms that accept HBD as payment, promoting self-sufficiency within the crypto economy.
In conclusion, Task emphasizes the importance of fostering commerce within the crypto space, alongside technical innovations like social media platforms and infrastructure. He underscores the vital roles of commerce and finance in driving adoption and economic growth within the crypto ecosystem, advocating for proactive solutions to bridge traditional financial systems with decentralized networks.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.